Since the Donald Trump regime has taken over the Consumer Financial Protection Bureau (CFPB) four months ago, there have been zero enforcement actions against debt collectors, credit card companies, or any type of banking agency. If this continues, the only remedy against predatory actions and debt collection harassment left will be with private debt collection attorneys protecting Louisiana & Oklahoma consumers, such as Paramount Law.
The acting director, Mick Mulvaney, of the CFPB made his intentions to downsize and take a more lenient role in enforcement clear from the start. Now it is evident that he is committed to making the CFPB a moot organization and let financial institutions have their way with consumers as they please. Previously, the organization was the nation’s watchdog for consumers. Now, consumers may only be getting help if they reach out to debt collection attorneys protecting Louisiana & Oklahoma consumers as soon as they experience harassment or incorrect credit reporting.
Under the previous director, the CFPB would typically issue two to four actions against malicious financial institutions per month. While the actions might not have always resulted in monumental outcomes for consumers, each was a reminder to big banks and debt collectors to respect consumer laws. Without this constant reminder, consumers must contact debt collection attorneys protecting Louisiana & Oklahoma consumers on their own for any protections against these institutions.
Previous to the Trump appointee halting the CFPB’s power, the bureau forced the financial institutions in violation of federal laws such as the FDCPA to pay back BILLIONS of dollars to consumers in restitution. In 2015 only, Bank of America was ordered to pay consumers back $727 million for deceptive credit card companies. Without the CFPB oversight and actions, consumers must seek assistance from a debt collection attorney on their own or may remain being victimized by similar actions as the 2015 Bank America case.
In total, after approximately seven years, the CFPB has made financial institutions pay back $3.97 billion for their illegal actions. If you are experiencing debt collection harassment or if a company is reporting to your credit report in error, contact one of the debt collection attorneys protecting Louisiana & Oklahoma at Paramount Law today to see how you may be entitled to $1,000 or more in statutory damages without costing you a dime.
